Clearwire Board Recommends Dish Offer Over Sprint
According to two sources with direct knowledge about the matter, the board of Clearwire recommends Dish Network's counter offer US$4.40 per share. Prior to the bid raised by Dish Network, Sprint Nextel offered to purchase the minority shareholders of the wireless service provider at US$3.40 per share.
SoftBank raised its bid for Sprint for US$21.6 billion earlier this week that constitutes 78% of the company. The offer was the firm's response to Dish Network's offer of US$25.5 billion. Several shareholders said that they were not happy with Sprint's offered deal. This was even before the hostile bid that Dish Network counter proposed.
The scheduled shareholder meeting on June 13 is planned to be postponed until later this month. This was in light of the new recommendation from the Clearwire board. This was according to same sources that refused to be named as they do not have authorization to talk about the matter publicly.
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